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N.Y. to deny Margarito license for Cotto fight

Antonio Margarito (above) suffered a fractured orbital bone during a one-sided loss to Manny Pacquiao at Cowboys Stadium in November 2010. (AP)

HOUSTON -- The New York State Athletic Commission plans to reject Antonio Margarito's license application, an industry source told SI.com. Top Rank CEO Bob Arum said the highly anticipated rematch between Margarito and junior middleweight titleholder Miguel Cotto on Dec. 3 will move to another state.

The commission originally denied Margarito a license last month due to lingering issues with an eye injury Margarito suffered during a lopsided loss to Manny Pacquiao in 2010. Margarito developed a large cataract in his eye that his team initially feared to be career-threatening. However last spring Margarito had an artificial lens inserted in the eye, which he believed would allow him to continue his career.

Arum and Top Rank president Todd duBoef, accompanied by two doctors who supported Margarito's ability to fight, met with the commission for three hours on Wednesday to appeal the original decision. According to the source, the commission was not convinced and plans to formally reject his application on Friday.

"We didn't get a very good feeling from them at all," Arum said. "It's outrageous. We brought in two specialists who told them he could fight and they brought in a couple of hacks."

Arum said venues in Texas, Denver and Mississippi are options to move the event and that he would have an announcement by the end of the day.